Luxury maker LVMH is teaming up with Richemont’s Cartier and Prada SpA to offer a blockchain solution that will ensure authenticity of its products—and prevent counterfeit purchases— for online customers with an encrypted certificate of guarantee.

As per a Forbes report, revenues of LVMH Moët Hennessy Louis Vuitton’s Fashion & Leather Goods division surpassed $8 billion in its most recent quarter. The brand’s market value nearly doubled from $194 billion last year to $380 billion in 2021, and its assets exceed $130 billion. Helmed by French billionaire Bernand Arnault, the third richest person in the world, LVMH climbed nine spots to become the 64th largest public company.

According to research led by Wells Fargo analyst Ike Boruchow, online sales soared 30 per cent during COVID-19. While cybershopping is likely to decrease from 2020 levels e-commerce will continue to rise over the next several years. Consumer patterns are also pointing to a post-pandemic shopping surge in stores. A recent Wells Fargo survey found that 37 per cent of respondents plan to buy new outfits for going out as more restaurants and indoor venues return to normalcy thanks to the vaccine rollout.